Long Term Care Policy
I am a 61yr old , retired, widow. My advisor is suggesting I purchase long term care policy for $100k. It’s a 50 month LTC with $400k max benefit after 20 years and death benefit of $75k. Is this type of policy a good idea? I have $2.8million in my managed accounts plus two homes worth $800k.
Should I consider a traditional LTC policy or continue with the one I mentioned. I have two adult children.
Thanks for your time and expertise.
Terry Says
This is exactly what I would suggest you do. If you never use it, your heirs will get a death benefit.
But if you do need care, this type of “combo” life/LTC policy will give you at least four years of care with inflation protection. You can rest easy. And that will take a lot of pressure off your financial planning.
Kudos to your planner for suggesting this.
